Bitcoin Price Could Exceed $100,000 by 2021: Harvard Academic
A Harvard academic and Bitcoin investor has suggested the cryptocurrency could pass $100,000 in under 4 years.
Bitcoin could pass $100,000 by February 2021; a Harvard academic has said announcing Bitcoin is the first digital currency to follow Moore’s Law.
In emailed comments to Business Insider, investor Dennis Porto said that after analyzing Bitcoin’s performance, it was the “first” currency to follow the digital technology rule.
“Moore's law specifically applied to the number of transistors on a circuit but can be applied to any digital technology," Porto wrote. "Any technology that is growing exponentially (i.e., 'following Moore's law') has a doubling time."
The comments come as Bitcoin price hits new all-time highs as SegWit lock-in is set for Aug. 9.
The march towards $3,500 per coin mimics the growth rate seen by the handful of altcoins which activated SegWit earlier this year, such as Litecoin.
Porto makes the assertion that Bitcoin price has de facto doubled every eight months since its inception.
“This poses a unique opportunity for investors,” he added, something which was well-received in social media circles.
While multiple well-known commentators have contributed their opinions on how much one Bitcoin will cost in the next five or 10 years, $100,000 by 2021 is at the bolder end of the spectrum.
This week, Max Keiser repeated his faith in Bitcoin reaching $5,000 in the coming months.